Conduct marketing research to determine solutions for your defined problem.
How to start
Firstly, you will begin by determining a product/service you will be working with. This can be an existing
product/service or it can be fictional. If you choose to pursue the fictional route, please keep it realistic as
you will have to conduct both primary and secondary research for the need.
Once a product/service has been chosen, you will have to identify a problem. Identifying the problem is the
most important stage of the research process. Without a clear problem at hand, the marketing research
process is extremely inefficient. For example:
Management decision: What should be done about a restaurant’s slow sales?
Research problem: What factors go into a customer’s decision to dine at a particular restaurant?
After clearly defining the research problem. You will state your marketing research objective. A
marketing research objective is developed to provide insightful decision-making information. It is the specific information needed to solve a marketing research issue. These are developed as a series of questions that seek to clarify
what decision makers needed to know to make a marketing decision.
What is the demographic profile of the restaurant’s patrons?
What external factors (time, expense) are influencing the public’s willingness to dine out?
How important is branding to diners in the restaurant industry?
Sample Solution